Weekly Agri- Commodities Recap: 22-26/07/24
Jul 29, 2024
The week started with a wheat market in Central and Northern Europe that paused as harvests began in Germany, Poland, Lithuania, and Latvia, with Baltic countries reporting lower protein levels but higher yields. The Black Sea region sold over 1.6 million metric tons of wheat for August and September shipments. Tunisia announced a tender for 100,000 metric tons of animal feed barley, while Jordan issued tenders for 120,000 metric tons each of barley and wheat.
On Tuesday, Baltic countries continued their harvest, showing slightly lower quality wheat with high yields. French wheat quality concerns held Matif steady, and Russian wheat prices remained below $220. Romania’s Constanta port shipped 4.2 million metric tons of Ukrainian grain in the first half of the year, while USDA reported slight declines in US corn condition and stable ratings for soybeans and spring wheat.
On Wednesday, Jordan is reported to have made no acquisitions in its tender for 120,000 metric tons of milling wheat, with a new tender expected soon. Brazil’s soybean exports were projected at 10.43 million tons for July, with corn exports slightly higher at 4.56 million tons. Sovecon raised its wheat crop forecast for 2024 to 84.2 million tons and the total grain crop to 130.5 million tons.
Thursday saw Chicago corn and wheat futures saw marginal gains, while Minneapolis wheat declined due to better spring wheat yields. Barley demand from the Black Sea remained strong, though offers were drying up as the harvest wrapped up. Algeria tendered for barley, influencing the market tone. SovEcon increased wheat and barley harvest projections but lowered the corn forecast.
On Friday, wheat futures dropped while corn remained slightly firmer. Concerns over French wheat quality persisted, potentially impacting MATIF specs. Egypt maintained bread prices despite rising diesel costs. USDA reported weekly export sales, with wheat at 309,300 tons for the current marketing year and corn at 331,400 tons. Overall, futures markets closed lower, with Russia’s wheat crop increasing while France’s suffered.
Weekly Recaps
Freight
Freight Recap:
05/06/25
Jun 05, 2025
The Panamax Atlantic market showed signs of a strong rebound, especially in both the North and South where firmer bids and tightening tonnage contributed to rising sentiment. Fixtures suggested that some charterers may have overplayed their hand, triggering a jump in rates
Commodities
Agri- Commodities:
26–30 /5/25 Agri
Jun 02, 2025
Monday opened quietly in Europe as U.S. markets remained closed for Memorial Day. MATIF wheat traded lower in thin volumes, but losses were limited by concerns over dry conditions in France and rising temperatures in Russia. The May JRC MARS Bulletin painted a mixed EU crop outlook, nudging soft wheat yield estimates slightly higher but trimming rapeseed expectations. Meanwhile, geopolitical noise grew louder with President Trump mulling new sanctions against Russia, and Germany lifting range restrictions on Ukrainian strikes using Western weapons.
Freight
Freight Recap:
29/05/25
May 29, 2025
The Atlantic market struggled with weak sentiment throughout the week. Following recent holidays, demand remained soft and fresh cargoes were limited, particularly in the North. In the South, while some fixing activity was noted, oversupply of ships continued to weigh heavily on rates. Owners faced increasing pressure as charterers held firm, and some vessels were reported fixing below last done.
Commodities
Agri- Commodities:
19-23/5/25 Agri
May 26, 2025
Grain markets exhibited volatility throughout Week 21, with wheat prices leading a mid-week rally before easing slightly into the weekend. Early in the week, MATIF milling wheat weakened in response to Saudi Arabia’s tender, which confirmed continued preference for competitively priced Black Sea wheat. Meanwhile, CBOT futures found strength, buoyed by a broader risk-on sentiment in financial markets after a brief dip following Moody’s downgrade of the U.S. credit rating. U.S. corn inspections came in strong, and planting progress remained well ahead of the five-year average, though winter wheat conditions unexpectedly declined. On the geopolitical front, markets briefly reacted to the news of prospective ceasefire talks between Ukraine and Russia, although subsequent clarifications tempered expectations.
